FxWirePro:EURUSD Trade Idea

Candlestick pattern- Bullish Engulfing pattern

EURUSD has pared most of its loss made in European session and shown recovery of more than 80 pips on account of improving risk sentiment. Markets are optimistic on US-China trade deal. US President Trump has said that he may not stick to Mar deadline on China tariffs.The pair hits high of 1.13414 and is currently trading 1.13365.

On the higher side near term resistance is around 1.13500 and any violation above targets 1.13830 (20- day MA)/1.1420 (100- day MA)/1.14480. The pair should break convincingly above 1.1500 for further bullishness.

The near term support is around 1.1300 and any break below targets 1.12570-60. Any minor weakness only below 1.12570.

It is good to buy on dips around 1.1305-08 with SL around 1.12650 for the TP of 1.14450.

Resistance

R1- 1.1350

R2 -1.13830

R3- 1.1435

Support               

S1- 1.12570

S2- 1.12160

S3- 1.1200